Issue 2009-17 -- April 28, 2009
This newsletter is for members of the Canadian Insurance Industry, and those who serve it. The newsletter is published weekly, and notes information mostly about the use of the Internet and related technologies in the industry. Some is international, where we feel it is relevant to Canada.
Featured Article
Services Helping Victims of Identity Theft: Value-Added Benefits to Distinguish Your Company - By Sadaf S iddiqui, Director, Legal and Compliance, DMC Solutions.
Fraud and identity theft is on the rise. Particularly given the global economic recession, experts predict that "cybercrimes", including identity theft and fraud, will continue to dramatically increase.1 With such a prediction on the horizon, many organizations are looking at ways they can provide cost-effective resources to strengthen relationships with their employees, customers, and business partners.
Policy and Product Management
Harcase Software Ltd. releases its' Enterprise Policy Processing Engine dramatically improving carrier productivity and service standards.
Mississauga, ON, Canada, April 27, 2009. Harcase Software Ltd. today announced the general availability of its RapidSure Policy Engine solution. The RapidSure Policy Engine is the premier web portal Property and Casualty insurance policy administration and lifecycle processing solution that delivers true value to carriers, their customers and their business partners. The RapidSure solution has already been implemented in a number of P&C carriers' head offices and has been rolled out to broker networks across North America.
Claims
Vaisala participates in the biggest meteorological modernization project in the Russian history.
Mar 23, 2009 - "One of the biggest surface weather observation network modernization projects in the world is currently underway in the Russian Federation. The project includes over 1800 observation sites around Russia. Vaisala is the main weather observation technology provider in the large-scale project.
Severe Storm Season Like 2008 Could Occur Once Every 4 to 5 Years on Average, According to RMS.
Newark, Calif - April 20, 2009 - As the peak tornado season rapidly approaches in May, Risk Management Solutions (RMS), the world's leading provider of products and services for catastrophe risk management, has released a special report analyzing the impact of the 2008 U.S. severe convective storm season. Last year's season, which included nearly 1,700 tornadoes, was the costliest in the last decade, with over U.S. $10.5 billion in insured losses, and the second most active on record. Although, by chance, there has not been such a severe season for a number of years, RMS analysis reveals that a season similar to 2008 could occur once every four to five years on average.
Business of Insurance
"Foundations of Effective Supervision and Regulation" by Superintendent Julie Dickson, OSFI.
Saturday April 18, 2009, Vancouver BC, to the American Bar Association 2009 Spring Meeting -- The title of this session is global market turmoil and the Canadian regulatory response, but before discussing what the Office of the Superintendent of Financial Institutions (OSFI) has done through the turmoil, I believe a word about where we are in the cycle is important.
Don Forgeron appointed new President and CEO of Insurance Bureau of Canada.
TORONTO, April 22 2009 - Rowan Saunders, Chair of the Board of Directors of Insurance Bureau of Canada, announced today that Don Forgeron is taking the helm as IBC's new President and CEO. The announcement comes at the conclusion of a seven-month search.
Marketing and the Market Place
Blogging Has Come a Long Way: eMarketer.
APRIL 22, 2009 - If yesterday's blogs were about personal expression, today's are about two-way conversations that take place on many fronts: independent, standalone blogs; social networks; e-commerce and mainstream media sites; and microblogging platforms such as Twitter.
Towers Perrin Survey Finds Most Companies 'Staying the Course' When it Comes to Employee Benefits.
STAMFORD, CT., April 14, 2009 - Despite the pressures of the economic crisis, most U.S. companies continue to view their retirement programs as a vital part of their workplace relationship with employees, even as they struggle to balance cost and talent management issues, according to a survey of close to 500 HR and benefit executives conducted in February by professional services firm Towers Perrin.
Reference and Statistics
Ontario Auto Insurance Rates for the First Quarter of 2009: FSCO.
Rate applications approved during the first quarter of 2009 (January 1, 2009 to March 31, 2009) averaged +0.95%, based on the entire market. In the first quarter of 2009, for the 30.91% of the market that had rate changes approved, the average rate change was +3.09%, when weighted by market share.
Consumer Information
Insurance Bureau of Canada applauds federal government's plan to get tough on auto theft.
MONTREAL, April 21 2009 - Insurance Bureau of Canada (IBC) applauds efforts announced today by the federal government to re-introduce comprehensive legislation to combat the serious problem of auto theft.
SGI requests first rate increase since 2000.
April 06, 2009 - The Saskatchewan Auto Fund is applying to the Saskatchewan Rate Review Panel (SRRP) for a rate increase and rate rebalancing which will result in an average increase for customers of 4.2 per cent, effective November 1, 2009.
Ontario Government's Road Safety Legislation Passes Third Reading.
TORONTO, April 21 2009 - The Ontario legislature has passed the Road Safety Act, 2009 to make the
province's roads safer for all drivers. The new legislation will better protect young drivers, increase penalties for drinking and suspended drivers and gives police better enforcement tools.
Managing Relationships and Customer Service
Guarding Minds @ Work: Breakthrough resource gives Canadian employers tools to address mental health issues in the workplace: Great-West Life.
TORONTO, April 20, 2009 - The Great-West Life Centre for Mental Health in the Workplace (the Centre) today announced the launch of Guarding Minds @ Work - a breakthrough evidence-based tool developed by leading Canadian mental health researchers. The new tool provides Canadian employers with proactive, comprehensive ways to assess the psychological safety and health of their specific workplace, combined with information on appropriate solutions and a method of measuring the effectiveness of those solutions.
Car insurance company adds Twitter to its communication toolkit to help customers prepare for severe storms: Progressive.
MAYFIELD VILLAGE, Ohio - April 16, 2009 - Summer is right around the corner, and while that means cookouts, softball leagues and prime boating weather, it also means hailstorms, tornadoes and hurricanes. Car insurance company Progressive has a few tools to prepare drivers, bikers and boaters for severe storms, including a special Web site - progressiveresponds.com - and, new this season, Twitter updates.
RIMS Launches Online Networking Community.
NEW YORK (April 9, 2009) - The Risk and Insurance Management Society (RIMS) has launched a new online networking platform for RIMS members. RIMS Community, which includes an enhanced member directory, allows members to blog, create peer networks and interest groups, share white papers and other documents and much more.
from Doug:
Due to aging and related health issues, my Dad's siblings don't get together frequently any more. On Sunday we had a Grant family luncheon reunion, which Dad and four of his five siblings attended. The eldest of the family lives in southeastern BC now, and just four months shy of his 95th birthday, he and his wife decided not to attempt the trip to join the others. For people who are used to an afternoon nap, we had a struggle getting them to say goodbye late in the afternoon - many a memory was shared.